Tue, 21 May 2013
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Former Halliwells fixed-share partners query BDO's impartiality
The question is whether BDO LLP and/or the two individual administrators had a prior professional relationship with Halliwells LLP. If they did, it needed to be disclosed on the Form 2.2B filed by the proposed administrators.
It's simple question, really. If Halliwells LLP had been instructed by BDO, or had referred work back and forth, this has to be disclosed.
A prior professional relationship doesn't in itself disqualify the IP from acting. The question is whether there is a conflict of interest in accordance with the Insolvency Practitioners' Joint Code of Ethics.
Para 10 of the Joint Code of Ethics talks about "Familiarity" threats to an IP's independence and gives as an example any individual within the IP's firm having a close personal or professional relationship with anyone who has an interest in the insolvent business.
BDO's response doesn't seem to address these issues (although in fairness to them, it depends what question they were asked).
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